I am just going to say two things: 1 it was only a matter of time 2 LoL
But what about my Lambo?!!
Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose Millions
341–350 of 555 posts
Re: Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose Millions
#342Earlier quoted context omitted.
No, it isn't. It's what lets you, and everything else, live, instead of freezing to death.
It is a good thing we don't need all of it then. A tiny fraction will suffice. https://www.businessinsider.com.au/map-shows-solar-panels-to... I think you may be missing my point and sarcasm.
Might be. Didn't have my morning coffee yet.
Re: Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose Millions
#343Earlier quoted context omitted.
The spooky thing that this made me realize, is that if anyone did find a vulnerability in bitcoin (or any cryptocurrency) is that they would have a greater incentive to only slowly leech off the system, because they will be able to siphon out much more over time than if everyone panics over security. The weapon is no good unless it's secret.
My assessment is that the greatest vulnerability in Bitcoin is its breathless supporters, who will look past the dynamics of Bitcoin in adoration of the mechanics of Bitcoin. To that end, larger, more sophisticated enterprises (banks, hedge funds, etc) are likely leeching slowly off the system, propping the price up and inflating it when they can, so they can extract as much value as possible out of its correction to…
I think the split you draw between people looking at Bitcoin-the-real-thing and people adoring the machinery is an excellent one.
If you look at the original paper, it's pretty clear that Bitcoin was meant to be peer-to-peer electronic cash: https://bitcoin.org/bitcoin.pdf
In practice, it has failed at this aim. I don't think that was necessarily so; plenty of things start out rough and become more useful over time. But the mechanics-adorers I've talked with seemed willfully blind to all the practical issues. We can't fix problems we refuse to see, so Bitcoin has preserved its machinery at the expense of fulfilling its vision.
Re: Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose Millions
#344Earlier quoted context omitted.
The spooky thing that this made me realize, is that if anyone did find a vulnerability in bitcoin (or any cryptocurrency) is that they would have a greater incentive to only slowly leech off the system, because they will be able to siphon out much more over time than if everyone panics over security. The weapon is no good unless it's secret.
This is basically the plot of F. Scott Fitzgerald's The Diamond as Big as the Ritz, which takes it to its logical conclusion (but I won't spoil it, it's a fun short read.) https://en.wikipedia.org/wiki/The_Diamond_as_Big_as_the_Ritz
Re: Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose Millions
#345When Bitcoin was running up to $20,000, I tried to analyze the system and come to a personal conclusion about its equilibrium value, because I didn't want to miss out if it really was the currency of the future. I ended up not investing, because of the possibility of a double-spend attack. I think that cryptocurrency enthusiasts are seriously underestimating the importance of double-spending attacks to the economics…
I think the argument is that by doing a 51% attack you undermine the market value so you never get the rewards. This makes sense, but only for the leading crypto coin. As we see here today, you can 51% attack smaller coins, which should imply an increase in the value of Bitcoin from consolidation.
So you’re saying this is good for Bitcoin?
Re: Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose Millions
#346Earlier quoted context omitted.
Bitcoin hasn't been useful as a currency for a long time. I don't think that's a good measure for determining how an event might affect bitcoin price.
Bitcoin averages something on the order of 200,000 transactions per day. It's useful to someone.
That's definitely not proof of real economic utility. How many bets happen in Las Vegas every day? But economically, they're negative-sum events exploiting cognitive weaknesses.
Re: Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose Millions
#347Earlier quoted context omitted.
That's not buying anything with Bitcoin. You are converting your Bitcoin to USD and then purchasing using the traditional, centrally controlled financial system. And that's not even considering the transactions fees it costs to get the Bitcoin to your account. Then there are the transaction fees for using the card, which coinbase says is free "for now".
That's like saying you can't buy anything with a VISA. Sure, transactions are intermediated through some consensus denomination for exchange. So? He still lost bitcoin and gained tacos. Just as someone else might lose a portion of a credit balance and gain tacos. You get just as full either way.
It's more like saying you can't buy anything with gold.
Credit and debit cards are just a way of shifting dollars around. Bitcoin is more a commodity than a currency. Yes, you can convert gold or oil to dollars and buy things, but you can't walk into a store and give them some gold flake or a quart of Texas crude in exchange for a candy bar.
Re: Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose Millions
#348Earlier quoted context omitted.
So it's ok if your currency becomes unreliable for many hours? It would immediately negate the trust of what happened during that period of time, affecting the trust of any balance in participating addresses.
If Visa or SEPA got hacked over 12 hours and then fixed the root cause, would you stop using credit cards or bank transfers altogether? I would not.
Neither of those things "are money" and they're all highly reversible.
A major hack against Visa would absolutely tank the value of Visa the company however, and if people who believed they were paid weren't made whole somehow then it would also tank the acceptance of Visa.
And it would be an ongoing devaluation without Visa being able to show they'd fixed the underlying flaw - which you can't with a 51% attack.
Re: Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose Millions
#349Earlier quoted context omitted.
This attacked occurred on BTG a clone of Bitcoin, appropriating the name “Bitcoin” Gold. It has nothing to do with Bitcoin.
REG: Right. You're in. Listen. The only people we hate more than the Romans are the fucking Judean People's Front. P.F.J.: Yeah... JUDITH: Splitters. P.F.J.: Splitters... FRANCIS: And the Judean Popular People's Front. P.F.J.: Yeah. Oh, yeah. Splitters. Splitters... LORETTA: And the People's Front of Judea. P.F.J.: Yeah. Splitters. Splitters... REG: What? LORETTA: The People's Front of Judea. Splitters. REG: We're th…
Can you please post something relevant to the topic under discussion? There’s enough noise on this thread as it is.
Re: Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose Millions
#350play stupid games (like listing shitcoins) win stupid prizes